金吾财讯 | 开源证券研究指，监管持续支持符合条件的硬科技企业利用资本市场发展壮大，优质科技资产供给改善有望推动券商大投行链条收入高增。当前仍处于投行周期底部修复初期，伴随长鑫科技、长江存储、宇树科技等硬科技企业IPO推进，头部券商有望通过IPO保荐承销、战略跟投、直投/私募股权投资、再融资、并购、做市、机构交易和财富管理等方式，参与科技企业资本化全过程。短期看，大型科技IPO贡献承销收入、直投收益和跟投浮盈弹性；中期看，硬科技项目储备和产业客户覆盖能力决定投行景气持续性；长期看，大投行业务与财富管理、国际业务、机构业务协同，将推动头部券商ROE中枢持续上行，进而带来估值重估。
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